Tue, Apr 15, 8:19 PM (5 days ago)
**Greenwave Technology Solutions, Inc. (GWAV)** **Financial Performance (2024 vs. 2023):** - **Revenue:** $33.32 million (2024) vs. $35.67 million (2023), a decrease of 6.59%. - **Net Income:** -$100.45 million (2024) vs. -$33.60 million (2023), an increase in loss of 198.97%. - **Gross Profit:** $12.99 million (2024) vs. $14.48 million (2023), a decrease of 10.31%. - **Operating Expenses:** $47.25 million (2024) vs. $34.00 million (2023), an increase of 38.98%. - **Earnings per Share:** -$8.47 (2024) vs. -$385.81 (2023). **Strategic Overview:** - **Business Transition:** Greenwave transitioned from a technology platform developer to a scrap metal industry player after acquiring Empire Services, Inc. in 2021. - **Operations:** The company processes and sells ferrous and nonferrous metals, operates two automotive shredders, and provides hauling services. - **Market Position:** Greenwave aims to expand its operations, particularly in the Hampton Roads, VA market, and is focusing on increasing its fleet of trucks for hauling services. **Future Outlook:** - **Market Conditions:** Greenwave expects to benefit from increasing scrap metal prices and demand, particularly in the U.S. market. - **Expansion Plans:** The company plans to expand its operations and increase its fleet of trucks to meet growing demand. - **Financial Strategy:** Greenwave is focusing on raising additional capital to fund its operations and expansion plans. **Risk Factors:** - **Market Risks:** The company faces risks related to fluctuations in scrap metal prices, changes in demand, and competition from other recyclers. - **Operational Risks:** Greenwave is dependent on its key executives and faces risks related to equipment failures and regulatory compliance. - **Financial Risks:** The company has a history of losses and is dependent on raising additional capital to fund its operations. **Financial Condition:** - **Liquidity:** Greenwave had cash on hand of $2.58 million as of December 31, 2024, and a working capital deficit of $13.45 million. - **Debt:** The company has significant debt obligations, including non-convertible and convertible notes payable. - **Shareholder Equity:** Greenwave has a substantial accumulated deficit and is dependent on raising additional capital to continue operations. **Market Position Changes:** - **Stock Performance:** Greenwave's stock has been volatile, and the company is at risk of being delisted from Nasdaq if it does not regain compliance with the minimum bid price requirement. - **Customer Concentration:** The company has a significant concentration of customers, with two large customers accounting for approximately 55.99% and 5.05% of its revenues in 2024.